GRAND RAPIDS, MI -- Kent County leaders have agreed to sell three valuable downtown riverfront parcels to make way for additional city park land.

County leaders announced the sale Thursday, March 8 and described the transaction as a three-way public partnership.

The county property involves 1.28 acres along the east side of the Grand River just north of I-196.

Kent County officials say the city has a Michigan Natural Resources Trust Fund grant to pay for 75 percent of the cost to acquire nearly four riverfront acres. The entire project involves the county's 1.28 acres and 2.4 additional acres owned by Michigan State University and the city.

The county is selling property at 511, 519 and 525 Monroe Ave. NW to the city for $3.3 million.

Another parcel also owned by the county, a parking lot across the street at 520 Monroe Ave. NW, is being sold to MSU for $1.65 million.

The land will be used by MSU as an expansion to its "Innovation Park" where the MSU Grand Rapids Research Center now sits at the northeast corner of Michigan and Monroe avenues.

In another deal, county leaders are buying city property at 601 and 617 Ottawa Ave. NW for $1.33 million. The property will be used for parking purposes to replace the spaces at 520 Monroe Ave. NW.

"This is more than a property sale, it is an investment in the future of Kent County," Board of Commissioners Chair Jim Saalfeld said in a release. "This Board feels the uses proposed here are beneficial to the entire community, and this series of transactions support the future vision of all three public entities. This is yet another example of the West Michigan collaboration that keeps our region thriving."

The location of county riverfront property being sold to Grand RapidsCourtesy: Google Maps